Corporate Transparency and Economic Crime
Debate between Kwasi Kwarteng and Andy Slaughter(2 years, 7 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Kwasi Kwarteng
As I have said, we are bringing in a Bill and there will be plenty of scope to examine it and make amendments. I look forward to the hon. Lady’s engagement on that.
Andy Slaughter (Hammersmith) (Lab)
What the Secretary of State is proposing on a property register sounds very weak and very slow. There are billions in dirty money circulating on the London property market behind shell companies. By the time he has identified corrupt owners, the properties will probably have already been transferred. He also says nothing about seizing assets and imposing criminal penalties. Why is he not freezing assets and transfers now, pending disclosure?
Kwasi Kwarteng
The hon. Gentleman is experienced enough a parliamentarian to know that the idea of freezing assets is outside the scope of this legislation—indeed, it is outside the scope of my Department. The Government are looking at a range of other measures that may well reflect the concerns he has described.